Pakistan adds over 840,000 new filers as tax deadline looms for FY24

Pakistan's Federal Board of Revenue (FBR) has received 1.772 million income tax returns so far for fiscal year 2023-24 (FY24), a rise of 844,748 from the total returns filed in FY23.

An FBR official told Nukta that the authority received 928,049 income tax returns in FY23.

He further said that the tax department collected PKR 17.2 million admitted tax through returns filed till September 17 compared to PKR 3.875 million collected throughout FY23.

The FBR has previously warned that it will not extend the date for filing of income tax returns beyond September 30.

The official said that proposed punitive measures for those who do not file tax returns include disconnection of utilities, freezing of bank accounts, a bar on purchase of any property or vehicle, increased transparency by involving third-party monitoring and artificial intelligence (AI) and machine learning-assisted immediate and complete audit apart that would result in a fine of PKR one million for each incorrect or incomplete return filed.